Del Monte earnings fall

Del Monte Foods Co. said its profit tumbled 23 percent in the latest quarter, as higher overhead costs offset the addition of H.J. Heinz Co. brands.

For the fiscal second quarter ended Oct. 26, the San Francisco-based maker of canned foods and other consumer products reported net income of $40.2 million, or 19 cents a share. That compares with $52.4 million, or 33 cents a share, a year earlier.

In December 2002, Del Monte purchase several brands from Heinz, including the Kibbles ‘n Bits dog food brand manufactured in Lawrence. The company blamed part of its lackluster quarterly totals on lower sales of pet food.

Retail

Kmart cuts losses

Kmart Holding Corp. on Friday reported a steep slide in sales as it cut back on discounts, a move that helped narrow its quarterly loss and turn a rare profit in November.

Shares of Kmart, which have been volatile since they were issued upon the company’s bankruptcy exit in May, fell about 6 percent on Friday.

Sales at stores open at least a year — a key retail gauge known as same-store sales — fell 8.6 percent.

The Troy, Mich.-based retailer said it lost $23 million, or 26 cents per share, in the third quarter ended Oct. 29. That compares with a loss of $383 million, or 76 cents per share.

Kmart operates a distribution center in Lawrence. Also on Friday, the company announced plans to close a distribution center in Billerica, Mass., eliminating 290 jobs. The facility’s workload will be distributed to the company’s 16 remaining distribution centers.

Above, shoppers browse for bargains at a Kmart in Troy, Mich.

Wall street

Markets finish mixed

Stocks retreated Friday after a report on November employment revealed disappointing job growth and Intel Corp. issued a forecast that fell short of expectations.

The market’s major indexes closed the week mixed, with the Nasdaq composite index down after briefly touching the 2,000 level on Wednesday.

For the week, the three main gauges finished mixed, with the Dow up 0.8 percent, the Nasdaq down 1.1 percent, and the S&P 500 up 0.3 percent.